Sundaram Home Finance is expanding its operations beyond South India with a particular focus on Madhya Pradesh. The company has recently opened its second branch in Indore and aims to disburse INR 225 crore in the state this year, marking a 50% increase compared to the previous year. Managing Director D Lakshminarayanan highlighted that Indore has exceeded expectations in terms of growth and ongoing real estate development. Additionally, Sundaram Home Finance plans to open three more branches in Madhya Pradesh within the next 12-18 months. For the April-June 2024 quarter, the company reported a net profit of INR 66 crore and disbursed INR 1,353 crore.
Sundaram Home Finance, a wholly owned subsidiary of Sundaram Finance Ltd., is focused on expanding its presence outside South India. The company recently expanded into Maharashtra and Rajasthan, and is now targeting growth in Madhya Pradesh. Sundaram Home Finance has opened a second branch in Indore, Madhya Pradesh, as part of its strategy to boost its market presence in the state. The company aims to disburse INR 225 crore in the state this year, up from INR 150 crore last year, representing a 50 per cent increase.
D Lakshminarayanan, the Managing Director, stated that Indore has exceeded expectations with its recent growth and opportunities over the past 2-3 years. He mentioned that their current expansion in the city aims to meet increasing market demands. He also highlighted that Indore's real estate sector is set for ongoing growth, with prospects for investors and homebuyers, and anticipates that the success of the city's commercial sector will be reflected in real estate. In addition to the new branch in Indore, Sundaram Home Finance already has a branch in Bhopal and plans to open three more branches in Madhya Pradesh within the next 12-18 months.
Lakshminarayanan mentioned that expanding into Madhya Pradesh is crucial for their growth beyond South India. He noted that the state's growing affordability, diverse residential properties, and rising demand for plots offer significant opportunities in the home finance sector. Additionally, he pointed out that the rise of micro, small, and medium enterprises in the region presents chances to offer working capital funding. For the April-June 2024 quarter, Sundaram Home Finance reported a net profit of INR 66 crore and disbursed INR 1,353 crore.
Sundaram Home Finance, a subsidiary of Sundaram Finance Ltd., is actively expanding its footprint beyond South India, with recent ventures into Maharashtra, Rajasthan, and now Madhya Pradesh. The company aims to significantly increase its disbursements in Madhya Pradesh, leveraging the growth and opportunities in cities like Indore. With plans to open additional branches and capitalise on the rising demand for residential properties and working capital funding, Sundaram Home Finance is poised for substantial growth. This strategic expansion underscores the company's commitment to broadening its market presence and tapping into new opportunities across India.
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